In line with maintenance and enhancement of oil production, drilling operation of 18 wells in three ICOFC fields is underway through EPD/EPC contracts.

Iranian Ministry of Petroleum has set up a new initiative to support domestic manufacturers by guaranteeing purchase of their quality items needed in the petroleum industry.

Head of Iran’s Planning and Budget Organization (PBO) said the oil revenues in budget bill for the next Iranian calendar year (starts on March 20, 2020) are estimated on the expectations of selling one million barrels per day (bpd) of oil at an average price of $50.

The CEO of PetroIran Development Company announced its plans for mass-production of multiphase pumps in collaboration with local manufacturers.

The National Iranian Oil Company (NIOC) has planned to put for sale 6 million barrels of crude oil and gas condensate on the Iran Energy Exchange (IRENEX) next week.

Iran’s South Zagros Oil and Gas Production Company (SZOGPC) has indigenized construction of borehole imagers which was previously monopolized by a few foreign companies.

Iranian Minister of Petroleum Bijan Zangeneh said that the newly-discovered oilfield in Khuzesan was named Namavaran, adding the field had an oil in place estimate of 53.3 billion barrels.

The Atlas of Irans oil and gas fields which were explored after the 1979 Islamic Revolution was unveiled by the National Iranian Oil Company (NIOC)s exploration department.

Iranian President Hassan Rouhani announced the discovery of a new oilfield in the south-western province of Khuzestan.

Iran is considering liquefied natural gas (LNG) projects in order to generate more revenues from its abundant natural gas reserves.